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TheStreet Open House

Bank of America, JPMorgan, Alcoa: Dow Movers

NEW YORK (TheStreet) -- U.S. stocks finished a volatile week with a thud on Friday, weighed down by global growth worries and a lackluster start to bank earnings season.

The Dow Jones Industrial Average dropped 137 points, or 1.1%, to 12,849. The S&P 500 dropped 17 points, or 1.3%, to 1,370 and the Nasdaq Composite tumbled 44 points, or 1.5%, to 3011.

Breadth within the Dow was negative with 28 of the index's 30 components posting losses.

The biggest percentage decliners in the index Friday were Bank of America (BAC), JPMorgan Chase (JPM) and Alcoa (AA).

Shares of JPMorgan fell 3.64% to $43.21. The bank reported Friday first-quarter earnings of $5.38 billion, or $1.31 a share, down from year-earlier earnings of $5.55 billion. Analysts, on average, were expecting profit of $1.18 a share.

TheStreet Ratings gives JPMorgan a B+ grade with a buy rating and $51.21 price target.

Shares of Bank of America lost 5.34% to $8.68. The bank is being sued for charging customers who can't qualify for or don't want payment protection programs, according to The Associated Press. Bank of America is among seven banks or credit card companies that are being sued.

Bank of America is scheduled to report first-quarter results on April 19. Analysts, on average, expect earnings of 12 cents a share on revenue of $22.51 billion.

TheStreet Ratings gives Bank of America a C- grade and hold rating.

Alcoa shares fell 3.15% to $9.85. TheStreet Ratings gives Alcoa a C grade and hold rating.

Home Depot (HD) and Kraft Foods (KFT) were the only blue chips to close higher.

--Written by Alexandra Zendrian in New York.



>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: tips@thestreet.com.

>To follow the writer on Twitter, go to Alexandra Zendrian.

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